MANAGEMENT

Detailed explanation-1: -A sole-proprietorship has one owner who has unlimited liability for the business. A partnership involves two or more people who combine resources for the business and share profits and losses. A corporation is considered to be a separate legal entity from its shareholders. For tax purposes a corporation is a “Person”.

Detailed explanation-2: -The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation.

Detailed explanation-3: -A sole proprietorship is a business that can be owned and controlled by an individual, a company or a limited liability partnership. There are no partners in the business.

Detailed explanation-4: -There are three common types of businesses-sole proprietorship, partnership, and corporation-and each comes with its own set of advantages and disadvantages.